Friday , May 7 2021

Grupo SK's profit in September drops by 11.5% due to losses incurred in engineering and construction



Sigdo Koppers SK

The consolidated income of Sigdo Koppers (SK) increased by 2.3% compared to September 2017, reaching USD 1,678.4 million, in line with the higher level of sales in the industrial zone, explained by higher physical sales in Enaek and Magotteauk.

Consolidated EBITDA was released in September 2018, reaching $ 211.3 million, which is 5.9% more than in the same period of the previous year. This result is associated with better results in Magotteauk and Fepasa, as well as better performance in the leasing and distribution of SK Comercial's machine work.

On the other hand, the net profit amounts to $ 45.9 million, representing a decline of 11.5% compared to the third quarter of 2017, mainly due to losses recorded in Sigdo Koppers engineering and construction, originating from the Talara refinery in Peru . This additionally affects the increase in the effective tax rate, as deferred taxes associated with the aforementioned losses in Talara have not been recorded.

SK CARD

The results of the Sigdo Koppers subsidiaries show mixed results highlighting better performance in Magotteauk and a higher level of sales in the distribution business in Chile, compensated by the negative performance of construction engineering due to problems in Peru and lower profit in SK Inversiones Automotrices lower margins and foreign currency terms a course in car sales.

Performance of affiliates

Engineering and Construction SK (ICSK)

This subsidiary registered 13.2 million hours (+ 17%), according to the highest level of awarded projects. On the other hand, the ICC EBITDA pro forma showed a loss of 4,396 million COP, a worse result of 252% compared to the third quarter of last year. This operating loss is mainly associated with project losses in the Talara refinery in Peru. Accordingly, ICSK showed a net loss of $ 9,504 million (-15 million dollars), which is a worse result for $ 8,262 million compared to September 2017. This loss is also increased as deferred tax losses are not recorded. in Talari. The backlog of 3K-18 reached $ 589 million, a drop of $ 39 million compared to June (Talara project output represents a $ 47 million lower backlog).

Port Vindovs (PVSA)

PVSA has transferred a total of 4.3 million tons (+ 3%), highlighting higher coal and grain transfers. Fepasa, for its part, carried 823 million ton-km (+ 14.8%), emphasizing the increase in copper concentrate transport.

Thus, the consolidated EBITDA of Puerto Ventanas reached $ 33.9 million, representing a

An increase of 13%, as a result of better operational performance of its Fepas branch. For its part,

The consolidated net income of Puerto Ventanas reached $ 14.2 million, representing a

Fall by 8% compared to September 2017

Enaek

Enaek has realized sales of 671 thousand tons of explosives (+ 7%) thanks to higher services

fragmentation of stone in Brazil. Enaek's consolidated EBITDA reached $ 119.5 million

by the third quarter, showing a slight decline of 0.8%, mainly explained by a lower score in the area of ​​fragmentation services in Chile.

For its part, Net Profit of Eneeks reached $ 55.6 million, representing a fall of 5%

about September 2017.

Magotteauk

Magotteauk realized sales of $ 528 million (+ 6%) on the network with more physical sales (+ 1%)

mainly in the Casting business. Magotteauk's EBITDA reached $ 45.8 million in the third quarter, up 25% from September 2017, explained by the recovery of operating margins. Thus, Magotteauk achieved a net profit of $ 10.9 million, an increase of 58% compared to September 2017.

Commercial SK (SKC)

The company SK Comercial realized revenues of $ 193 million (+ 1.3%) driving the area

sales of machines. EBITDA reached $ 25.6 million, showing an increase of 49% compared to

in the same period of 2017. Since September 2018, SKC has presented a net profit of $ 1.2 million,

mainly explained by the mild recovery of the machine market in Chile, along with a

extraordinary gain from the sale of the plot in the process of restructuring SKC. The Peruvian market of leasing machines remains very well contracted.

SKBerge / SK Automotive Investments (SKIA)

SKBerge recorded sales of 68,773 units, an increase of 19% compared to September 2017. This sales growth is evident both in Chile (+ 28%) and abroad (+ 8%). Despite this, SK Inversiones Automotrices records a net profit of $ 10,157 million ($ 17 million), which is lower than that achieved in the same period of 2017 (CLP -26%), a product of lower operating and operating margins. losses due to exchange rate differences (a strong devaluation of the Argentine pesos in the second and third quarters of 2018).


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